Re: BTER.com hacked| 7170 BTC stolen | DON'T KEEP YOUR MONEY ON AN EXCHANGE |
Well, just a few days ago I deposited something around 0.1 BTC at Bter to see everything with my own eyes. I was going to buy some doges and sell them at another exchange, looking for an arbitrage opportunity. And to my great surprise, the withdrawal fee of 1%+5 Doges was patiently awaiting me. They do give a 1% bonus for doge deposits, though, but it is irrelevant as you will see later. Only Bitcoin and Litecoin had their usual withdrawal commissions of 0.0006 BTC and 0.02 LTC, respectively. All other coins now have massive withdrawal fees. But that was only the beginning of my problems
I couldn't buy anything at the bid price there since no one had been buying or selling anything, so I ended up buying around 20k doges at another exchange, transferred them to Bter, got 1% bonus as promised, and placed the sell order at the same price, which was the lowest ask price (i.e. no sell orders at lower price). Only around 0.2 BTC in doges was placed in orders before me at the top of the orderbook, and it took me nearly 2 (!) days to sell half of these doges. The proceeds were enough to cover the withdrawal fees, so I cancelled my orders, and withdrew both remaining doges and 0.1 BTC. In the end it turned out that I even managed to earn some dust after selling doges at the exchange where I first bought them
The lesson to take home is that their deposit bonus could theoretically be used for an arbitrage, but since there is no active trading (orderbooks are basically frozen), it is pretty much useless
I couldn't buy anything at the bid price there since no one had been buying or selling anything, so I ended up buying around 20k doges at another exchange, transferred them to Bter, got 1% bonus as promised, and placed the sell order at the same price, which was the lowest ask price (i.e. no sell orders at lower price). Only around 0.2 BTC in doges was placed in orders before me at the top of the orderbook, and it took me nearly 2 (!) days to sell half of these doges. The proceeds were enough to cover the withdrawal fees, so I cancelled my orders, and withdrew both remaining doges and 0.1 BTC. In the end it turned out that I even managed to earn some dust after selling doges at the exchange where I first bought them
The lesson to take home is that their deposit bonus could theoretically be used for an arbitrage, but since there is no active trading (orderbooks are basically frozen), it is pretty much useless
Well the withdrawal fee on DOGE was always cheaper and better than the bitcoin withdrawal.
I checked my account and from this "Fee: 1% + 5 DOGE (No fee for Bter Code). Get 1 % bonus when deposit DOGE" you can conclude that you lost a little bit when withdrawing the doges.
It's quite surpsigin the volume of "MG" coin in the last 24h which is 353.3BTC and still no payment to us
.I didn't buy doges at Bter, so I just gave back what I received as a 1% deposit bonus. Indeed, if I had sold all doges (while I sold only half there), I would have earned a little bit more. But that would still be dust, therefore it doesn't matter much. What does though is that it is next to impossible to trade at Bter in any meaningful way, since the orderbooks basically don't move, i.e. no active trading is going on. Trading statistics at Bter are evidently doctored...
And it kinda seems that the exchange has entered the terminal phase of its life cycle